The Impact of R&D Expenditure and Technology Life Cycle towards Firm Performance

Student: Nedobezhkin Ivan

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2020

The research goal is to find the impact of the investments into technology on different life cycle stages and firm performance. To evaluate the current and historical technology life cycle stage patenting, citations, and publications statistics on 14 telecommunication technologies has been gathered and processed using the hidden Markov model. The financial performance sample includes data on 220 public corporations on both emerging and developed markets during the period from 2005 to 2019. Technology life cycle evaluated with the use of only patenting statistics have an ambiguous effect towards firm performance. However, the use of citations and publications statistics have improved the results. It was revealed that the share of patents acquired on the technology introduction and growth stages has a positive effect on ROE, sales, and market value of a firm. The share of patents acquired on the maturity and decline stages has negative impact on the firm performance.

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